[ACCT 1220] - Midterm Exam Guide - Comprehensive Notes for the exam (34 pages long!)

• School: University of Guelph
• Department: Accounting
• Course: ACCT 1220
• Professor: Alireza Talebi

Document Summary

I(cid:374)(cid:272)o(cid:373)e state(cid:373)e(cid:374)t p(cid:396)ofit r/e s/e. Ratio analysis: expresses the relationships between selected financial statement data. Not all events are recorded and reported as accounting transaction. Only those that change assets, liabilities or shareholders" equity: revenue (cid:1371, 2. Each transaction has a fuel (double sided effect on the equation) An individual accounting record of increases and decreases in a specific asset, liability or. Account: cash (cid:1373) (cid:882)(cid:882, prepaid insurance (cid:1371) (cid:882)(cid:882) shareholders" equity item. Describe where entries are made in the accounts. Debiting: entering an amount on the left side. Crediting: entering an amount on the right side. Credit balance: if credit amount exceed debit amounts. For each of the transactions, do the following: journalize the transaction, using t accounts, post the journal entry to the general ledger, issued common shares for ,000 cash. Sales or performance effort is substantially complete. Due to ordinary activity, a decrease in future economic benefits occurs.